While the emotional aspect of the breakdown of your marriage is often at the forefront of your mind, it is important to be prepared for the practical issues as well. How your property, money, and debts will be divided can impact you for the rest of your life.

If you have financial questions in a Frisco divorce, now is the right time to ask. A dedicated divorce attorney could help you understand the law and how it may apply to your situation.

How Can You Untangle a Shared Financial Life?

One of the most difficult aspects and questions involved in ending a marriage, especially with untangling years of shared finances. This is especially true for a couple who shared everything from bank accounts to the title of real estate in Frisco.

The first step is to take stock of the situation and determine how many assets and debts are in the name of both parties. By the time the divorce is completed, there should be no shared accounts. How the assets in those accounts is distributed should be left to the courts.

It is also worth reviewing beneficiary information, particularly for accounts with a payable-on-death directive. In that situation, a former spouse could still be in line to inherit directly after a person passes away. Other important considerations include shared car insurance policies and workplace health coverage.

Will I Have to Pay My Spouse’s Debts?

Debts—like assets—can be divided during the divorce process. In a community property state, the courts will even presume that the debts accrued during the course of the marriage are owned by both parties. If a person cannot rebut that presumption, they can expect to carry some of that financial obligation with them after the marriage ends.

Not all debts are split between parties. For example, most people will keep the obligations that they brought into marriage as well as any they accrued only in their name after the wedding. A Frisco attorney could ensure that a spouse is treated fairly when it comes to dividing debt and also answer other financial questions.

Who Gets The House?

For many couples, the largest asset they own is the family home. Determining what happens to real property is typically more complex than the parties deciding who gets it. The court is required to divide the entire estate justly, and this includes any home or other real estate.

Many couples in Frisco question whether keeping the home is financially feasible. Many couples share a house that requires dual incomes and are unable to afford living there on their own. More than that, the party that gets the home is likely to give up every other marital asset in exchange. This is usually not viable for either spouse.

For these reasons, many people choose to sell their shared real property and split the proceeds. By liquidating their largest asset, it is much easier to divide things in a way that is just and fair.

Talk to an Attorney in Frisco About Financial Divorce Questions

There are plenty of complex matters involving property and money that must be dealt with when a marriage breaks down. Having the support of experienced legal counsel can be crucial in getting the outcome you deserve. Call right away with any financial questions about a Frisco divorce you might have.

Meet Matt Towson

Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.

Meet Matt Towson
Meet Matt Towson
Meet Matt Towson